por admin » Mar Ago 30, 2022 6:31 am
Futures al alza
Dow futures pop 200 points after back-to-back losing sessions on Wall Street
Tanaya Macheel
Jesse Pound
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Wall Street set for positive open as oil prices fall
Stock futures rose Tuesday as Wall Street sought stability after another down day for stocks.
Futures for the Dow Jones Industrial Average traded 231 points higher, or 0.7%. S&P 500 futures advanced 0.9%, and Nasdaq 100 futures added 1.1%.
The moves in futures comes as energy prices eased. West Texas Intermediate futures, the U.S. oil benchmark, fell more than 1%. Natural gas futures also dipped.
Wall Street is coming off a second-straight decline, with the Dow losing 184 points Monday. The S&P 500 fell 0.67% and the Nasdaq Composite sank 1.02%.
The market has given back some of its summer gains after recent comments by Federal Reserve officials made clear that the central bank aims to continue its rate hikes, even if they cause economic pain.
“Investors are coming to terms with the idea that the Fed is serious about curbing inflation, even as recent data suggests inflation is starting to decline,” said Rod von Lipsey, managing director at UBS Private Wealth Management.
“We believe the market’s summer rally was ephemeral and continue to recommend that investors remain selective and focus on defensive stock sectors like health care and dividend-paying stocks,” von Lipsey added.
On Tuesday, investors will get several updates on the state of the economy, including the FHFA home price index for June, the Conference Board’s consumer confidence survey for August, and the Bureau of Labor Statistics’ job openings release for July.
2 MIN AGO
Oil pulls back after jumping in prior session
Oil prices moved lower during morning trading on Wall Street as global growth concerns pressured prices.
West Texas Intermediate crude futures, the U.S. oil benchmark, shed 2.7% to trade at $94.38 per barrel. International benchmark Brent crude declined 3.4% to $101.47 per barrel.
WTI gained 4.24% during Monday’s trading, with Brent advancing 4.06%.
OPEC and its oil-producing allies will meet next week, with the Street not ruling out production cuts.
“As the masters of monetary policies turn from quantitative easing to quantitative tightening the central bank of the oil market goes the other way and plans to launch its own stimulus measures – tightening the production screw,” PVM’s Tamas Varga wrote in a note to clients.
— Pippa Stevens